German Wirecard, a software and IT company specialised in payment processing, has taken over Bucharest-based Provus Group from Polish private equity fund Innova Capital.
Provus is a payment processing and tehnological service provider, which works with major Romanian banks, as well as with telecommunications and retail players. The company provides payment options for ATMs, POS and e-commerce.
Furthemore, Provus has worked with the Romanian government in the digitisation of health and payment cards.
“We are very happy that after five years of intensive development of the company and diversifying its business, Provus will be a part of a larger, strategic firm. The collaboration with a strong and renowned partner as Wirecard is a guarantee of implementation of the long-term strategy to strengthen leadership in financial service sector in Romania,” says Krzysztof Kulig, managing partner at Innova Capital.
The compensation owed within the scope of this transaction are cash payments in the amount of EUR 32,0 million, without further earnout payments.
Provus expects an Ebitda of EUR 4 million for 2016. The current management team will remain in place following the deal. Provus has 114 employees.